Rent Guarantee Insurance UK Guide
Rent guarantee insurance becomes a vital necessity for all those landlords who are not staying at the place wherein their house has been rented out. If you have bought a house or have inherited it from your parents and you are moving to a different place, have now let it out, you need to ensure that your tenants will repay the rent on time and not make you run around for the rent amount.
Therefore, you need to make sure that your house or property is insured. Your property if bought on the basis of buy to let, then you must look at it as a commercial property, which needs to be insured. Keep your property records up to date, have a proper agreement with your tenant and other records for tax authorities too. You may stand to loose thousands of pounds in lost rental income and legal expenses incurred to fight the tenant and you should also take into account the time and stress involved.
Take care and consider any tenancy agreement, expiry of your policy, when you gain vacant possession of your let property. If you reach out to companies to claim your lost rent, you may be charged by them to make your claim. It's better to have a rent guarantee insurance in order to avoid paying those companies 5% of your annual rent for claiming back the amount on your behalf. Such rent guarantee insurance helps you in times of some calamity.
Like a roof blow off, pipes burst, or due to bad house construction, things break down hurting the tenant or damaging his assets. You will be saved from paying him the compensation directly from your pocket and always pay back from the insurance you have. This does not include water damage of fixtures or other fittings, in case there's a pipe burst out.
There are certain requirements in UK to make a claim on your rent guarantee insurance too.
- You should have a signed tenancy agreement
- Furnish evidence of tenant's employment
- Any form of tenant identification should be obtained from your tenant along with their photograph.
- Complete tenant reference should be got and verified by a professional referencing company
- A thorough credit verification too
Additional requirements to qualify for landlords rental guarantee, you must adhere to the below:
- Your tenant will be referenced by a licensed tenant referencing service
- Maintain a record of those rents paid and those which are due
- An approved tenant reference service must refer the guarantor, if the tenant needs a surety.
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